Working Papers

From Centro de Estudios Monetarios Y Financieros-
Centro de Estudios Monetarios Y Financieros. Casado del Alisal, 5-28014 Madrid, Spain..
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0108: Standard Costs: An Overview

J. Antonio and G. Martin

0107: Cournot Competition with Stranded Costs

J. Antonio and G. Martin

0106: Spot Market Competition with Stranded Costs in the Spanish Electricity Industry

J. Antonio and Gael Martin

0105: Mean-Variance Portfolio Allocation with a Value at Risk Constraint

Enrique Sentana

0104: Why Did the Banks Overbid? An Empirical Model of the Fixed Rate Tenders of the European Cental Bank

J. Ayuso and Rafael Repullo

0103: Managerial Compensation and the Market Reaction to Bank Loans

A. Almazan and J. Suarez

0102: Research Incentives in Competing Markets: A Model of the Development of New Vaccines

P. Rey

0101: Discrete Choices with Panel Data

Manuel Arellano

0016: Panel Data Models: Some Recent Developments

Manuel Arellano and B. Honore

0015: A Model of Takeovers of Foreign Banks

Rafael Repullo

0014: An Economic Analysis of Corporate Directors' Fiduciary Duties

Mauro Gutierrez

0013: A Contractual Approach to the Regulation Corporate Directors' Fiduciary Duties

Mauro Gutierrez

0012: Rewarding Sequential Innovators: Prizes, Patents and Buyouts

Gerard Llobet, H. Hopenhayn and Matthew Mitchell

0011: A Model of the Open Market Operations of the European Central Bank

J. Ayuso and Rafael Repullo

0010: Unemployment and Consumption: are Job Losses Less Painful Near the Mediterranean?

Samuel Bentolila and Andrea Ichino

0009: Business Creation and the Stock Market

Claudio Michelacci and J. Suarez

0008: Income Uncertainty and Precautionary Saving: Evidence from Household Rotating Panel Data

Pedro Albarran

0007: The Score of Condionally Heteroskedastic Dynamic Regression Models with Student T Innovations, and an LM Test for Multivariate Normality

Gabriele Fiorentini, Enrique Sentana and Giorgio Calzolari

0006: An Options-Based Analysis of Emerging Market Exchange Rate Expectations: Brazil's Real Plan, 1994-1999

Jose Campa, P.H.K. Chang and J.F. Refalo

0005: Constrained EMM and Indirect Inference Estimation

Giorgio Calzolari, Gabriele Fiorentini and Enrique Sentana

0004: Will EMU Increase Eurosclerosis?

G. Saint-Paul and Samuel Bentolila

0003: Managers and Directors: a Model of Strategic Information Transmission

M. Gutierrez-Urtiaga

0002: Altruism with Endogenous Labor Supply

Ana Fernandes

0001: Factor Representing Portfolios in Large Asset Markets

Enrique Sentana

9914: Dynamics and Seasonality in Quarterly Panel Data: an Analysis of Earnings Mobility in Spain

J. Alvarez

9913: Who Should Act as Lender of Last Resort? An Incomplete Contracts Model

Rafael Repullo

9912: The Trade-Off Between Liquidity and Control Revisited

A.S. Mello and Rafael Repullo

9911: Sharing Default Information as a Borrower Discipline Device

A.J. Padilla and Marco Pagano

9910: Conflicts of Interest, Employment Decisions, and Debt Restructuring: Evidence from Spanish Firms in Financial Distress

A.J. Padilla and A. Requejo

9909: Equilibrium Search Models: the Role of the Assumptions

J.I. Garcia-Perez

9908: Optimal Fiscal Policy with Rationing in the Labor Market

A. Gorostiaga

9907: Optimal Corporate Governance Structures

A. Almazan and J. Suarez

9906: Cross-Sectional Heterogeneity and the Persistence of Aggregate Fluctuations

Claudio Michelacci

9905: Explaining Movements in the Labor Share

S. Bentollia and G. Saint-Paul

9904: Choosing the Right Error in Term Structure Models

G.F. Bobadilla

9903: A Note on the Changing Relationship Between Fertility and Female Employment Rates in Developed Countries

Namkee Ahn and Pedro Mira

9902: Is It Welfare Improving to Insulate Monetary Policy from the Political Arena?

Juan Carlos Berganza

9901: Should Fiscal Policy be Different in a Non-Competitive Framework?

A. Gorostiaga

9810: Two Roles for Elections: Discipling the Incumbent and Selecting a Competent Candidate

Juan Carlos Berganza

9809: Relationships Between Politicians and Voters Through Elections: a Review Essay

Juan Carlos Berganza

9808: The Time Series and Cross-Section Asymptotics of Dynamic Panel Data Estimators

J. Alvarez and Manuel Arellano

9807: Collateral vs. Project Screening: a Model of Lazy Banks

Michael Manove, A.J. Padilla and Marco Pagano

9806: Unemployment Dynamics Across OECD Countries

Rahul Balakrishnan and Claudio Michelacci

9805: Binary Choice with Binary Endogenous Regressors in Panel Data: Estimating the Effect of Fertility on Female Labour Participation

Raquel Carrasco

9804: Venture Capital Finance: a Security Design Approach

Rafael Repullo and J. Suarez

9803: (Fractional) Beta Convergence

Claudio Michelacci and Paolo Zaffaroni

9802: Non-Stationary Job Search with Firing: a Structural Estimation

J.I. Garcia-Perez

9801: Willingness to Move for Work and Unemployment Duration in Spain

Namkee Ahn, Sara De La Rica and Arantza Ugidos

9722: A Stylized Model of Financially-Driven Business Cycles

J. Suarez and O. Sussman

9721: Recurrent Hyperinflations and Learning

Albert Marcet and J.P. Nicolini